LUCKNOW (CoinChapter.com) — Biometric crypto project Worldcoin (WLD) token sale will aim to raise $50 million in funding, according to inside sources. In doing so, the firm will offer WLD for only $1, way cheaper than the current market rate of $2.50. Of course, the news is bearish since it could prompt spot traders to dump the token during the price discovery phase.
If successful, the discounted token sale could give Worldcoin a major boost in capital to further develop its proprietary biometric authentication technology. Tools for Humanity (TFH), the core developer firm behind Worldcoin, will manage the WLD token sale.
Worldcoin Has Raised $240M Already Without Token Sale
Since its founding in 2019, Worldcoin has raised $125 million from high-profile Silicon Valley investors, including Andreessen Horowitz, Khosla Ventures, and LinkedIn co-founder Reid Hoffman.
Most recently, the project closed a $115 million Series C funding round led by Blockchain Capital and FT Partners. The round saw participation from major crypto firms like a16z Crypto, Bain Capital Crypto, and Distributed Global.
This influx of venture capital has supported Worldcoin’s rapid emergence as an ambitious player in the decentralized identity space — an arena where projects compete to develop verification protocols with enhanced privacy, security, and user control.
Charting a New Course
Worldcoin, under CEO Alex Blania’s guidance for over three years, is advancing in technology and business, now emphasizing decentralization and community involvement.
Seeking to spur innovation, Worldcoin recently unveiled plans to distribute 2 million WLD tokens in the form of grants. As outlined in a blog post on Dec. 6, these grants will be allocated across three key programs within Worldcoin’s technology roadmap — the “Worldcoin Tech Tree.”
Substantial projects may qualify for up to 25,000 WLD in grant funding. The first track, reserves up to 5,000 WLD, focuses on community grants to support early contributors to the ecosystem. The second provides funding for external projects developing real-world applications of World ID with grants of up to 25,000 WLD. Finally, the “Wave0” program, a $5 million grant initiative, backs pioneers exploring crucial areas like privacy and biometrics.
By incentivizing research and development, these grants could unlock new use cases and features for Worldcoin’s identity platform. They also align with Worldcoin’s renewed commitment to decentralization and community participation.
By empowering external innovators and technologists, Worldcoin seeks to foster the next generation of blockchain-based identity solutions. It aims to address global inequities, governance challenges, and more.
Worldcoin’s Rise with 2.5M Iris Scans
Worldcoin is the brainchild of high-profile technologists, including Sam Altman, co-founder of OpenAI. The project aims to develop a blockchain-based digital identification system using iris scans as a verification method. However, the project has faced scrutiny in the past over alleged improper data collection practices.
Last October, Worldcoin suspended operations in Kenya amidst allegations that the project was gathering users’ biometric data without proper consent. This controversy came just three months after Worldcoin launched its identification system and began distributing free WLD tokens in exchange for iris scans.
While the setback in Kenya dealt a blow to Worldcoin’s expansion plans, the project has already garnered significant attention and participation globally. According to Worldcoin, over 2.5 million people have had their irises scanned and been issued free token allocations.
Worldcoin uses iris scans as part of its “proof of personhood” system. This system uses biometric authentication to solve the complex problem of distinguishing human users from bots and fake accounts online. Proponents argue this could have major economic implications as artificial intelligence capabilities advance.
